Logility Supply Chain Solutions (LGTY) said late Friday that it received an unsolicited, non-binding proposal to acquire all outstanding shares of its common stock for $15 per share in cash.
In January, Logility entered into a definitive agreement to be acquired by Aptean for $14.30 per share in an all-cash transaction.
The company said its board has determined that the unsolicited proposal could lead to a superior offer under the terms of the Aptean merger agreement, allowing Logility to engage in discussions with the unsolicited bidder.
Logility said the Aptean Merger Agreement remains in full force, and its board continues to recommend that shareholders vote in favor of the transaction.
It added that the board has made no recommendation regarding the unsolicited proposal, and there is no assurance that any deal will come from the discussions.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.